While Bitcoin (BTC) and the rest of the altcoins are still fighting to stay afloat amid an onslaught of negative market sentiment, Solana (SOL) may be one of the first altcoins to make its move back to the upside. Could this be a genuine pivot?
Rather like in the case for Bitcoin, the $SOL price is in a descending channel. It has retested the bottom of that channel, which is acting as support along with a major horizontal level, and a major trendline.
The price has just emerged through the neckline of a W pattern and is currently testing it as support. At the bottom of the chart, the RSI indicator has just broken through a trendline and is also confirming the breakout. If this confirms, the W pattern will also confirm in the price action, and vice versa.
The daily chart gives a much better view of the enormous supports underneath the $SOL price. The 0.786 Fibonacci, which is the deepest level that price normally goes down to, has been tagged. This lines up pretty well with the horizontal support level, and of course, we also have the major ascending trendline, plus the bottom of the descending channel. If ever a bounce was going to take place, it was from here.
The RSI in this daily time frame shows an even longer descending trendline. The indicator line is right up against this now. Will it break through and send the $SOL price back to the top of the descending channel?
The $SOL price may have taken a 49% dip, but that’s still not as bad as the previous 67.5% plunge that followed the January 2025 all-time high. Assuming this is the bottom, a higher low has been made, and now $SOL could be on a journey back to a higher high and a new all-time high.
The RSI in this time frame has a bull market support level at 40.00. It can be seen that the indicator is currently turning around at this level. All looks set for the next big rally. Are you onboard?
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